Early Tesla Investors Back Proterra Electric Bus Series C Round
Early investors in Tesla Motors have backed another electric transportation company, bus maker Proterra, company representatives told VentureWire.
Nick and Joby Pritzker, via their investment firm Tao Invest, participated in a $10 million second close of Proterra’s Series C round, which now totals a little more than $34 million, as VentureWire previously reported. Proterra’s valuation is getting close to $200 million, Chief Executive Garrett Mikita said.
Greenville, S.C.-based Proterra has been on a roll in the past few months, securing large orders with several municipalities in a market that has been scattered and experimental. Electric buses, which promise environmental benefits and fuel savings, are gaining traction as cities that were first to purchase start getting proof of performance, and as manufacturing capacity grows with suppliers like Proterra.
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The Proterra buses will serve the free downtown Music City Circuit and uses a fast charge system during stops.
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